On 6 May GO plc published its Interim Statement noting that during the first quarter of 2011, the Group maintained positive trends in its turnover levels which continued to grow when compared to the first three months of 2010. The telecoms company explained that growth was driven by the Group’s TV business, broadband data and related services. On the other hand, fixed-line voice and mobile services experienced a decline reflecting the competitive environment in which the Group operates. GO stated that the drop in revenue from fixed-line voice and mobile is the result of pressure on ARPU (average rate per usage) levels.
Meanwhile, during the first three months of 2011, the Group stated that it continued to strengthen its overall client base whilst also focusing on its cost structures. In fact, during the period under review any material increases in costs were directly related to increased levels of business. The GO Group also reiterated that it continues with its efforts to right size its operations. The Group positively announced that the operating profit for the first quarter of 2011 is marginally ahead of that registered during the same period in 2010 whilst maintaining a healthy cash position.
GO plc concluded by stating that during the first quarter of 2011, Forgendo Limited (the joint venture between GO and its majority shareholder Emirates International Telecommunications Limited) acquired a further 500,893 shares in the Greek Telecoms company Forthnet SA. Forgendo’s shareholding in Forthnet currently stands at 41.27%. Forthnet will be releasing its results for the first quarter by the end of May 2011.